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Four simple ways to cut debt and free up your budget

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Four simple ways to cut debt and free up your budget

2/20/2018

Getting out of debt can be a long, drawn out process. If you spent years wrestling with financial problems, the solution will not come to you overnight. It can take months, even years to unravel debt difficulties but it can be done. You have some options to help you get started; let’s take a look at four of them:

Four simple ways to cut debt at Central Sunbelt Federal Credit Union

 

Credit Counseling

Credit counseling is a great option but many companies will charge exorbitant fees. Luckily, Central Sunbelt offers free financial / debt counseling to all members.  You can get a complete credit report review, create a realistic budget from scratch, and walk away with a complete guideline to free up cash and get on track to hitting your financial goals.

 

Get free financial counseling

 

 

Debt Consolidation

Replace your high interest credit cards with one, low interest rate loan. You can not only cut the time it takes to repay, but save hundreds if not thousands in interest.

 

Start consolidating your debt

 

 

Refinancing

Refinancing your car, house, or other debt may make sense and allow you to save big every month. With the monies saved  with a new, lower payment, you can pay down other debt or strengthen your savings.

 

Ask about refinancing

 

 

Cash Out

Alternately to home refinancing, you may have enough equity in your home to cash out and pay off your debt. Importantly, although credit card debt is not tax deductible, a home equity loan is. Ultimately, you can reduce your debt as well as reduce your tax obligation by cashing out.

Talk to your mortgage specialist

 

 

You have some viable solutions to help you reduce your debt. Learn all you can about each option and select the plan that is right for you.  Don't hesitate to just pick up the phone and call Central Sunbelt and tell us your goals and we can help carve the path to get there.

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